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Mobile Home Park REIT Investing: Quarterly Report Summary for Q3 of 2023

In this blog post, we will dive into the financial performance of the top mobile home park REITs, namely Sun Communities (SUI), Equity LifeStyle Properties (ELS), UMH Properties (UMH), and Flagship Communities (FLGMF) over the previous quarter, and the same period in 2022 in order to provide a comprehensive analysis. We will analyze their financial performance across Quarter 3 of 2023 – exploring stock trends, net operating income (NOI), occupancy rates, growth strategies, and more.

Let’s jump right in!

Sun Communities REIT Performance:

Sun Communities (SUI) REIT demonstrates a consistent performance in the mobile home park sector despite a slight downturn in stock prices over the past year. While the current stock price stands at $120.19, a decline from $131.11 last year, other key indicators exhibit notable growth.

Net Operating Income (NOI) for Q3 2023 surged to $593,000,000, marking an 8% increase over the same period last year, propelled by rising income, asset value and lower expenses.

Occupancy rates remained robust, showing a steady trend at 97.20%, indicating sustained demand and tenant retention. The substantial 7.1% increase in lot rent, reaching $661.00 in the current quarter, played a pivotal role in driving NOI growth. The increase in NOI, particularly from the MH segment, was attributed to a surge in real property revenue primarily due to a 6.1% rise in monthly base rent.

Recent strategic acquisitions in Michigan and Maine, along with one disposition, mark SUI’s commitment to portfolio diversification. Despite a consistent portfolio size over the past year, with 288 communities and 98,590 lots owned currently, the strategic acquisitions underline SUI’s intention for expansion and market presence.

While the stock price trend may reflect market dynamics, Sun Communities REIT (SUI) showcases resilience and growth in fundamental operational aspects within the mobile home park sector, laying a solid foundation for sustained success and expansion.


Equity Lifestyle Properties REIT Performance:

Equity LifeStyle Properties (ELS) REIT has exhibited consistent growth and promising performance in its Q3 2023 metrics, marking significant strides in various key areas. The stock performance reflects an upward trajectory, showcasing an increased market value compared to previous quarters and last year, with the current stock price standing at $68.16.

One of the standout indicators is the Net Operating Income (NOI), which demonstrates substantial growth. ELS reported a current quarter NOI of $153.5 million compared to $141.6 million for the same period last year, highlighting the company’s financial strength and efficient operations.

Occupancy rates also portray an upward trend, with the current quarter recording a 97% occupancy rate compared to 94.60% in the previous quarter and 95% in the same quarter last year. This consistent rise indicates ELS’s ability to attract and retain tenants, underpinning its stability and desirability within the sector.

The most noteworthy development lies in the lot rent, which has seen a significant 6.8% increase from the previous quarter, now standing at $813.00. This substantial surge signifies ELS’s capability to enhance property values and maximize returns, showcasing effective management strategies.

Strategic acquisitions in Florida have strengthened ELS’s foothold in the market, acquiring 750 sites with an impressive 97% occupancy rate. This strategic move underscores ELS’s pursuit of high-demand regions, aligning with its growth initiatives and reinforcing its position as a key player in the mobile home park sector.

ELS’s performance highlights consistent growth, increased NOI, rising occupancy rates, and strategic acquisitions in lucrative regions. This collective positive momentum solidifies Equity LifeStyle Properties Inc. (ELS) as a robust and competitive force in the mobile home park sector, poised for continued success and expansion.


UMH Properties REIT Performance:

UMH Properties REIT exhibits a positive trajectory in its performance within the mobile home park sector. The stock prices have shown consistent growth over the last year, moving from $20.62 to $22.06, indicating a steady upward trend, aligning with favorable market reception and investor confidence.

Financially, UMH’s Net Operating Income (NOI) surged impressively from $70,524.00 to $79,708.00, displaying an upward trend in operational efficiency and income generation. This robust growth in NOI signifies the company’s effective management strategies and improved financial performance compared to the previous year.

The substantial rise in occupancy rates, from 84.20% to 86.50%, underscores stability and a heightened demand for their properties. This may have also contributed to the steady NOI growth that was experienced.

The 5.3% increase in lot rent, rising to $519.00 from $493.00, signifies effective asset management and an increase in the value of their properties. This rise aligns with the company’s strategic efforts to maximize returns on their real estate assets.

UMH’s strategic acquisition of “Mighty Oak” in Albany, Georgia, for approximately $3.7 million, encompassing 118 newly developed homesites over 26 acres, reflects the company’s expansion initiatives and investment in growing markets, specifically within the opportunity zone fund.

With a consistent portfolio size of 135 communities and ownership of 25,800 lots, UMH Properties Inc. showcases a strong foothold in the mobile home park sector. Despite minor fluctuations in occupancy rates, the company’s growth trajectory, coupled with strategic acquisitions and increased NOI, indicates a positive outlook and reinforces its position within the industry.


Flagship Communities REIT Performance:

Flagship Communities (FLGMF) REIT has demonstrated a promising upward trajectory in its Q3 2023 performance, showcasing commendable growth across pivotal indicators. Notably, the stock performance has seen a significant uptick over the past year. The current stock price stands at $14.65, reflecting a discernible increase from $14.08 a year ago, indicating a positive trend in the market’s reception of FLGMF’s activities.

Moreover, the Net Operating Income (NOI) figures have surged impressively, with Q3 reporting $11.8 million compared to $9.6 million for the same quarter last year (Q2). This substantial increase in NOI is indicative of the REIT’s enhanced operational efficiency and effective management strategies.

FLGMF has also maintained stability in its occupancy rates, registering a consistent figure around 83.5%. This stability signifies the REIT’s ability to retain tenants and sustain occupancy levels within its properties, showcasing reliability and resilience within its portfolio.

A notable highlight in their performance is the remarkable increase in lot rent. The current quarter records a lot rent of $415.00, marking a notable escalation from $388.00 in the same quarter last year. This 6.5% increase in lot rent underscores FLGMF’s effective management of rental properties and highlights the growing value of their assets in the market.

The REIT’s strategic acquisitions have been pivotal in fortifying its market presence. In Q2, FLGMF made significant acquisitions, adding three new communities located in Arkansas, Indiana, and Tennessee for a total of $21 million. These acquisitions broaden FLGMF’s geographical footprint and diversify its portfolio, demonstrating a forward-thinking approach in tapping into promising markets.

Furthermore, the recent acquisition of a community in Indiana comprising 309 lots for approximately $23,000 signifies FLGMF’s strategic expansion. This acquisition is particularly noteworthy as the community boasted a high average occupancy rate of 95% at the time of purchase, aligning with FLGMF’s focus on acquiring properties with strong potential and occupancy rates.

Currently overseeing 74 communities and owning 13,716 lots, FLGMF’s growth trajectory highlights its commitment to strategic expansion and diversification. These actions underscore FLGMF’s positioning as a robust player in the mobile home park sector, leveraging its strategic acquisitions to drive growth and value within its portfolio.



In Q3 2023, Sun Communities (SUI) showcased resilience and robust growth across key metrics within the mobile home park asset class. Despite a slight downward stock price trend, SUI reported remarkable financial health, with an 8% increase in Net Operating Income (NOI) to $593 million and stable occupancy rates at 97.20%. The company’s strategic expansion initiatives, marked by substantial lot rent growth (7.1%) and strategic acquisitions, underscore its strong position for continued success and development.

Equity LifeStyle Properties (ELS) exhibited consistent growth, recording a stock price of $68.16 and notable advancements in NOI, rising occupancy rates (97%), and a significant 6.8% increase in lot rent to $813.00. The strategic acquisition of 750 sites in Florida further solidifies ELS as a competitive force within the sector.

UMH Properties (UMH) demonstrated promising growth, reflecting an upward stock trend to $22.06, substantial NOI growth of 11.5%, and strategic acquisitions like “Mighty Oak” in Albany, Georgia. Despite a minor fluctuation in occupancy rates, UMH showcased effective management strategies and a 5.3% increase in lot rent, positioning itself as a competitive player.

Flagship Communities (FLGMF) portrayed a positive trajectory, witnessing a rise in stock price to $14.65, a noteworthy increase in NOI to $11.8 million, and a 6.5% surge in lot rent. Its strategic acquisitions in diverse locations and the recent acquisition in Indiana further underscore FLGMF’s strategic growth initiatives.

Overall, while each REIT displayed commendable performance, Sun Communities Inc. (SUI) stands out as the top performing REIT, with its robust financial growth, stable occupancy rates, and strategic expansion efforts, positioning it favorably within the mobile home park sector for continued success and development.

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The information provided is for informational purposes only and should not be considered investment advice, nor a guarantee of any kind. There are no guarantees of profitability, and all investment decisions should be made based on individual research and consultation with registered financial and legal professionals. We are not registered financial or legal professionals and do not provide personalized investment recommendations.

Tristan manages Investor Relations at Keel Team Real Estate Investment. Keel Team actively syndicates mobile home park investments, with a focus on buying value add, mom & pop owned trailer parks and making them shine again. Tristan is passionate about the mobile home park asset class; with a focus on affordable housing and sustainability.